Decision details

Part B - Medium Term Financial Plan Financial Landscape and Forecast 2021/22 to 2024/25

Decision Maker: Cabinet

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The purpose of the report is to update the Council’s 2021/22 to 2024/25 Medium Term Financial Plan (MTFP) forecasts and assumptions as part of setting a robust and resilient budget and financial plan to meet the unprecedented uncertainty, volatility and risk within the financial landscape.

Decision:

The Cabinet considered an update on the forecasts for the Council’s finances for the period 2021/22 to 2022/23 following the provisional Local Government Finance Settlement announced on 17 December 2020, and agreed to:-

 

·         Note the details of the 2022/23 Provisional Local Government Finance Settlement and the expected announcement of the Final Local Government Finance Settlement;

·         Note, and comment upon as appropriate, the financial forecasts and assumptions for 2022/23 to 2024/25;

·         Note and approve the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 21 September 2021 resulting in savings requirement of £7.435m in 2022/23;

·         Approve the allocation of £7.065m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process as set out in paragraphs 3.4 to 3.6;

·         Note the Section 151 Officer recommendation to hold the Council’s General Fund Balance at its current level £15.183m in 2022/23 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the Council’s 2022/23 Budget; and 

·         Take the necessary steps to propose a final balanced 2022/23 Budget including any proposed Council Tax increase to be recommended for approval at the Council meeting on 24 February 2022.

Alternative options considered:

None.

Interests and Nature of Interests Declared:

None.

Reason Key: Affects 2 or more wards;

Wards Affected: (All Wards);

Equality and/or Environmental Impact Assessment: N/A

Decision Reference: CAB352

Declarations or conflicts of Interest: None.

Forward Plan Reference: LDR100/ RCG46

Other reasons / organisations consulted

As part of the 2022/23 budget setting process.

Contact: Jonathan Davies, Corporate and Support Services Email: jonathan.davies@stockport.gov.uk Tel: 218 1025.

Report author: Jonathan Davies

Publication date: 02/02/2022

Date of decision: 01/02/2022

Decided at meeting: 01/02/2022 - Cabinet

Effective from: 09/02/2022

Accompanying Documents: